GST Gyan - Persons providing any exempted service such as extending deposits on which interest is received will now be eligible for the Composition Scheme. Composition Scheme can be opted till 31st March, 2018.
.
===================>
.
#Economy:India Inc today made a case for a cut in interest rates by the RBI as there is a moderation in inflation.Wholesale inflation fell to 2.60% in September as prices of food articles, led by vegetables, softened. It urged the central bank to take a more balanced view especially when the industrial sector needs support to improve on its growth performance.
#Finance:The number of goods in the highest 28% GST slab would be brought down and a committee of officers will calculate the revenue impact before going in for a further reduction in tax rates, Revenue Secretary said.
#The Govt has issued a notification allowing 36 banks and five canalising agencies, including MMTC and MSTC, to import gold without paying a 3% IGST. It’s a big relief for financial institutions importing gold, as tax was an additional burden on them. Analysts say gold imports on a consignment basis, which had almost stopped after the implementation of the GST, will resume again.
#The number of Atal Pension Yojana subscribers has increased to over 69 lakh with a total contribution of Rs 2,690 crore.The scheme introduced in 2015 by the Govt as a self- contributory savings pension scheme with guaranteed pension of Rs 1,000 to Rs 5,000.
.
===================>
.
Services provided by Overseeing Committee members to RBI is subject to GST under RCM [Read Notification]
Read more at: http://www.taxscan.in/services-provided-overseeing-committee-members-rbi-subject-gst-rcm/12198/
.
===================>
.
Govt Extends Benefit of Composition Scheme to Persons providing Exempted Services under GST [Read Order]
Read more at: http://www.taxscan.in/govt-extends-benefit-composition-scheme-persons-providing-exempted-services-gst/12194/
.
===================>
.
Services provided by Overseeing Committee members to RBI is subject to GST under RCM [Read Notification]
Read more at: http://www.taxscan.in/services-provided-overseeing-committee-members-rbi-subject-gst-rcm/12198/
.
===================>
.
# GST: Composition Scheme - value of supply of any exempt services shall not be taken into account - Order No.01/2017-CT, dt.13.10.2017.
# GST: Reverse Charge Mechanism (RCM) on supplies from unregistered persons u/s 9(4) of the CGST Act has been suspended w.e.f. 13 OCT 2017 upto 31 MAR 2018 – Notification No.38/2017-CGST (Rate), dt.13-10-2017.
# GST: Due date of filing of Return in GSTR-4 by the Composition Dealer for the quarter July-September 2017 has been EXTENDED to 15 NOV 2017 - Notification No.41/2017, dt.13.10.2017.
# GST: Due date of filing of Return in GSTR-6 by the Input Service Distributor (ISD) for the months of July, August & September 2017 has been EXTENDED to 15 NOV 2017 - Notification No.43/2017, dt.13.10.2017.
# GST: Due date of filing of the Form GST ITC-01 by the registered persons, who have become eligible during the months of JUL, AUG & SEP, 2017, to the effect that they are eligible to avail the ITC section 18 (1) of the said Act, has been extended till the 31st day of October, 2017 - Notification No.44/2017, dt.13.10.2017.
# VAT: Container Freight Station (CFS) cannot be treated as a garnishee of the third respondent - APM Terminals Pvt. Ltd. Vs State of Tamil Nadu & Ors. (2017 (10) TMI 605 - Madras HC)
.
===================>
.
Quick Reference to " Matters Which are not allowed to be Referred to Mediation or Conciliation " :-
Legal Provision:-
Section 442 of Companies Act, 2013.
Rule 30 of Companies ( Mediation and Conciliation ) Rules, 2016.
Points :-
1. Criminal offences.
2. Non- Compoundable offences.
3. Fraud.
4. Forgery of Documents.
5. Coercion.
6. Impersonation.
7. Inspection or Investigation of Company.
8. Public interest matters.
.
===================>
.
#Composition Scheme limit enhanced upto Rs. 1.00 Cr ( Rs. 75 Lakhs for specified nine states)-Notification No 46/2017 of Central Tax dated 13/10/2017
#No compulsory registration for supplier of services making inter- state supplies but having aggregate turnover less than Rs. 20 lakhs/ Rs. 10 Lakhs
#No GST on advance received against supply of goods for assesses having aggregate turnover up to Rs. 1.5 crore
#No RCM on intra-state procurements made from unregistered person till March 31, 2018 U/s 9(4) wef date of notification. 5000 Limit is also omitted as given in 8/2017* - As per Notification Dated 13/10/2017.
#ICAI - Examination of the Certificate Course on Valuation scheduled on 26th November, 2017 - (12-10-2017) - https://www.icai.org/new_post.html?post_id=13997&c_id=240
#Notifications to exempt Integrated Tax/Cess on import of goods under AA/EPCG schemes vide Notification No. 79/2017-Customs - (13/10/2017)
#Case Study: Designation of Senior Advocates by SC & all HCs– Recent SC guidelines issued Indira Jaising Vs. Supreme Court Of India Through Secretary General And Ors. (Supreme Court)
.
===================>
.
📺 *Updates*
➡1. Govt. notifies few more handicrafts goods on supply of which GST registration isn’t required by causal persons
https://gst.taxmann.com/topstories/222330000000013194/govt-notifies-few-more-handicrafts-goods-on-supply-of-which-gst-registration-isnt-required-by-causal-persons.pdf.
➡2. Sec. 35(2AB) relief was available if research facility was approved even if approval in Form no. 3CM got delayed
Texmaco Rail & Engineering Ltd. v. Principal Commissioner of Income-tax, 2, Kolkata
🙏�Thank you🙏�
Have a nice day
